All Bitcoin price gains deleted since Elon Musk adopted it for Tesla

All Bitcoin price gains have been completely deleted since Elon Musk accepted it as a form of payment for Tesla vehicles.

@Jak_ConnorTT
Published Wed, May 19 2021 3:31 AM CDT   |   Updated Wed, Jun 16 2021 3:33 AM CDT

The price of Bitcoin is currently in a downwards trend, and all of the price gains the cryptocurrency made after Tesla announced it accepts the coin as a form of payment.

All Bitcoin price gains deleted since Elon Musk adopted it for Tesla 01 | TweakTown.com

Elon Musk announced back on February 8th that Tesla were now accepting Bitcoin as a form of payment for Tesla vehicles. With that announcement, the price of Bitcoin began to trend upwards, making a record high of almost $65,000. Since then, the price has maintained its volatility, but has now started to trend downwards following Musk's announcement that Tesla would be suspending Bitcoin payments due to environmental concerns.

At the time of writing this, the price of Bitcoin is currently sitting at around the $39,500 mark, which is the same price as a day before Tesla announced that it would be accepting it as a form of payment. Essentially, all of the gains that have been made in terms of Bitcoin's price increasing have now been wiped out, as the price of the coin continues its downwards spiral.

Fiona Cincotta, a senior financial markets analyst at City Index, said, "These huge swings we have seen in crypto really highlight the speculative nature of crypto as an asset. We've got Elon Musk driving trades in the crypto world and stirring trouble, not for the first time, and I can't imagine it will be the last time either."

More Elon Cryptocurrency News:

Elon Musk may allow Tesla vehicles to be purchased with Dogecoin

Elon Musk is working with Dogecoin developers, says it's 'promising'

Elon Musk stops Bitcoin payments for Tesla, cites mining energy costs

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* Prices last scanned on 6/24/2021 at 12:57 am CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:bloomberg.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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